Prepare an income statement for 2020

Assignment Help Financial Accounting
Reference no: EM133234337

Question 1

Company XYZ had the following information during 2020:

1. Beginning inventory was $50,000. Purchases of inventory was $20,000. Ending inventory was 35% of beginning inventory at the end of the year.

2. Cash on hand was $325,000.

3. Sales revenue was $225,000.

4. Operating expenses were half of cost of goods sold.

5. Income tax rate was 20%.

Please prepare an income statement for 2020 using the (1) single-step approach and (2) multiple-step approach. What are the advantages and disadvantages of each?

Reference no: EM133234337

Previous Q& A

  Topic - RSS feed reader project using Java

Topic - RSS feed reader project using Java - What is your proposed research project's topic? What problem or issue is your research designed to solve

  Compute depreciation for year

A machine costing $216,800 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on January 1. The factory manag

  Def insurance for the loss of canned products

ABC limited which operates a supermarket received compensation from DEF Insurance for the loss of canned products destroyed by an accident in its warehouse. For

  Write essay describing your vision for your career

UNV-504 Introduction to Graduate Studies in the College of Business Assignment - Three Pillars and Future Impact Paper, Grand Canyon University

  What is the ocf for year of project

Evong homes INC is considering a new three-year-old project, that requires an initial fixed asset investment of 2.7 million dollars.

  Selected company financial health

Select a public company and look up the company's stock's performance over the last year. Discuss which company you selected and its performance.

  Prepare general journal entries to record transactions

J. Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,300, and $64,000 of drafting equipment to launch the company.

  Discuss the operations management challenge

Discuss the operations management challenge when operating in a global setting. This discussion must consider one challenge when tangible goods are produced in

  Write a paper on a specific issue of gender inequality

Gender Inequality Issue Paper and Presentation: Paper: You will write a paper on a specific issue of Gender inequality. Name or label specific gender inequality

  Determine bond pricing at par

In your own wrds Defin coupon and market/effective interest rates as they determine bond pricing at par, premium, or discount values

Reviews

Write a Review

 

Similar Q& A

  Construct year-end adjusting entries for transactions

Construct year-end adjusting entries for transaction 1 to 3 and the required entry for transaction 4.Jassal renewed the commercial and business insurance police

  How is the book value of plant assets calculated

How is the book value of plant assets calculated? What is the cost and the net book value of Apple's plant assets as calculated from the company's

  Casualty loss on schedule a of her tax return

Roberta owns a house in the Huntsville area. During a hailstorm in 2013 the roof on Roberta’s house is damaged. The repair cost is $4,000, none of which is covered by insurance. Roberta has no other casualty losses for the year. Roberta’s AGI is $32,..

  Calculate the amount of lost proceeds on this first day

Deluxe Furnishings, Inc., Based on this information, calculate the amount of "lost" proceeds on this first day of the Deluxe Furnishings' IPO.

  1 liabilities are aany accounts having credit balances

1. liabilities are a.any accounts having credit balances after closing entries are made. b.deferred credits that are

  Calculation of under or over application of overheads

Analysis of overheads and calculation of under or over application of overheads - The journal entry to record the requisition from the storeroom

  Estimate the total cost if the company produces

Compute the variable- and fixed-cost elements using the high-low method. Estimate the total cost if the company produces 6,000 units.

  Prepare a loan amortization schedule showing the interest

Ashraful, Prepare a loan amortization schedule showing the interest and principal break down of each of the three loan repayments.

  Identify necessary for decision to be described as a signal

Insolvency carries out a capital increase. Is this a signal? Why? What criteria can you identify as being necessary for a decision to be described as a signal?

  What the results from discontinued operations reported

Crane Inc, Assuming Crane has a tax rate of 20%, the results from discontinued operations reported on Crane's income statement is

  Calculate how much of each of the two coupon bonds

Calculate how much of each of these two coupon bonds (in market value) you will want to hold in order to both fully fund and immunize your obligation.

  Illustrate what amount of realized gross profit

Assuming that Coaster uses the installment method of accounting for its installment sales, illustrate what amount of realized gross profit will Coastwe report in its income statement for the year ended December 31, 2012?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd